Bitcoin (BTC) is down 0.3% to $118,263 this
week, following a sharp rally that saw the benchmark break above the critical
$108,000–$110,000 resistance and hit new all-time highs. On Monday, BTC surged 3.9% to a record
$123,252, a level unlikely to remain the peak for long. With
the primary target range of $117,000–$127,000 now in play, attention is
shifting toward the extreme target of $155,000–$165,000, potentially achievable
by September or shortly after.
However, the market may be entering a short
consolidation phase. Progress on crypto regulation in the U.S. hit a temporary
snag as 13 Republican lawmakers blocked a procedural vote in the House of
Representatives this Tuesday. They are demanding that the GENIUS (stablecoins),
CLARITY (market structure), and CBDC bills be voted on simultaneously. This
delay triggered a 6.1% pullback in BTC to $115,677.
Despite the dip,
Bitcoin quickly rebounded, showing resilience by returning above the
$118,000–$120,000 range, which is a sign of underlying strength.
Institutional investors viewed the pullback as
a buying opportunity. This week alone, they poured $959.5 million into Bitcoin ETFs
— including IBIT (BlackRock), FBTC (Fidelity), and GBTC (Grayscale). That’s on
top of the $1.59 billion in inflows recorded last week. This aggressive accumulation reflects a clear
bullish outlook among large players.
Backing this sentiment are statements from
leading U.S. banks. JPMorgan CEO Jamie Dimon confirmed the bank is working on
stablecoin development, while Citi CEO Jane Fraser announced plans to launch a
proprietary stablecoin. These moves strongly suggest institutional crypto
adoption is entering a new phase.
Approval of the GENIUS
bill now appears to be only a matter of time, potentially within the next one to two weeks. If passed, BTC could resume its ascent and retest the $127,000
resistance in the coming 10 days.